Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

CFPB Director Refuses to Disclose Exit Date

On Aug. 30, 2017, CFPB Director, Richard Cordray dodged questioning about whether he intends to serve out the rest of his term, stating "At this time, I have no further insights to provide on that subject." Director Cordray also denied that his actions regarding the CFPB's upcoming payday lending rule have been informed by any political considerations.
 
On August 18, House Financial Services Chairman, Jeb Hensarling sent Director Cordray a letter demanding that he disclose his exit date or announce he is running for governor of Ohio. Citing reports suggesting that the CFPB has been pushing to finish the payday lending rule before Cordray's departure in time for him to establish his candidacy, Hensarling stated "Simply put, there is no valid legal basis for accelerating a federal rulemaking to satisfy an arbitrary deadline necessitated by election dates established under Ohio law." He went on to say, "If this is the case, it undoubtedly opens the bureau's rule up to legal challenge."